Diamond Consumption Heating up in ChinaDiamond jewels are expensive luxuries but no longer out of people's purchasing power in China. As things stand in today's China, many Chinese have already been in a position to afford for the costly jewelry.Incomplete statistics from China's diamond industry show a 40 percent rise in the country's market demand and with an annual worth of RMB$10bn yuan being created it has come to take the second place in world diamond processing and market sales volume. Though a rising diamond demand is seen in China, various causes as of taxation, forex control, market ruling, culture gaps and services given have hindered a fast growth of the market. But China is still no less famed as a large diamond producer as it has an annual processing capacity of about 1/5 of the world developed and an output value of US$800m/year created, with a total of 150,000 skilled workers and 70 factories working to that end. Guo Zhiyue, chairman of Chinese Diamond Producers Association, said China's diamond products have been at a high competitive level in world markets. Experts say for China has the world's first-rate processing technology it will assuredly have a large diamond jewels market to serve its consumers. The key to a booming diamond market is to create the country's name-brand products and popularize diamond culture embraced by a multitude of consumers in China. Diamond Exchange Sparkles on First DayEleven diamonds were sold at the opening of the Shanghai Diamond Exchange (SDE) on October 28.The diamonds had been imported by Shanghai Lujiazui Development (Group) Company Ltd. from Hong Kong-based Brilliheng Holdings Company Ltd. for US$18,000. Shanghai to Boost Diamond Processing IndustryEast China's Shanghai City is set to promote its diamond processing industry. The first of two diamond processing sections is located in the Lujiazui financial and trade zone in the heart of the Pudong New District, occupying three sq km.The city plans to construct workshops of 120,000 to 140,000 sqm. Already, about a third of the workshops have been put into operation, and more than 20 diamond companies from South Africa, Belgium, Israel and Russia have moved in. By PD Online staff Huang Ying |
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